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SAMPLE IRREVOCABLE LETTER OF CREDIT <br /> No. <br /> Date: <br /> TO: City of St. Anthony <br /> 3301 Silver Lake Rd. <br /> St. Anthony, Minnesota, 55418 <br /> Dear Sir or Madam: <br /> We hereby issue, for the account of (Name of Developer) and in your <br /> favor, our Irrevocable Letter of Credit in the amount of $ , available to you by your <br /> draft drawn on sight on the undersigned bank. <br /> The draft must: <br /> a) Bear the clause, "Drawn under Letter of Credit No. , <br /> dated 19_, of (Name of Bank) <br /> b) Be signed by the Mayor or City Manager of the City of St. Anthony. <br /> c) Be presented for payment at (Address of Bank) , <br /> Minnesota, on or before 4:00 PM on 19 <br /> This Letter of Credit shall automatically renew for successive one-year terms unless, at <br /> the least forty-five (45) days prior to the next annual renewal date (which shall be November 30 of <br /> each year), the Bank delivers written notice to the St. Anthony City Manager that it intends to <br /> modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by certified <br /> mail, postage prepaid, and deposited in the US Mail, at least forty-five (45) days prior to the'next <br /> annual renewal date addressed as follows: St. Anthony City Manager, St. Anthony City Hall,3301 <br /> Silver Lake Road NE St Anthony, MN 55418 , and is actually received by the City Administrator at <br /> least thirty (30) days prior to the renewal date. <br /> This Letter of Credit sets forth in full our understanding which shall not in any way be <br /> modified, amended, amplified, or limited by reference to any document, instrument, or agreement, <br /> whether or not referred to herein. <br /> This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More than <br /> one draw may be made under this Letter of Credit. <br /> This Letter of Credit shall be governed by the most recent revision of the Uniform <br /> Customs and Practice for Documentary Credits, International Chamber of Commerce Publication <br /> No. 400. <br /> We hereby agree that a draft drawn under and in compliance with this Letter of Credit <br /> shall be fully honored upon presentation. <br /> By: <br /> Its <br />